News

On December 9, 2019, the Insurance Compact held its Annual Meeting in Austin, TX. This week's tip covers the key outcomes of the meeting.

Uniform Standards Update:

The Commission adopted two new Uniform Standards ? the Group Annuity Certificate Uniform Standards for Employer Groups and the Uniform Standards for Group Guaranteed Interest Contracts for Non-Variable Annuities for Employer Groups, in addition to clarifying amendments to the Group Policyholder Application Uniform Standards.
Filers will be able to submit Group Annuity products beginning in late March/early April.
Stay tuned for more details on implementation of these Uniform Standards!
The Management Committee accepted the Product Standards Committee recommendation to commence the rulemaking procedure with respect to one new Uniform Standard and amendments to two existing Uniform Standards for individual life insurance benefit features.
The draft Uniform Standards were published for a 60-day public comment period on December 12th.
See the Rulemaking section of the Insurance Compact Docket for more information.
Commission News:

The Commission adopted a strategic plan - the Insurance Compact Compass - setting strategic priorities, goals and objectives for the coming three years.
The adopted strategic plan will be published to the Insurance Compact website in the coming days.
The Commission adopted a 2020 Budget and Schedule of Fees, including an extension of the Expedited Review Program through December 31, 2020.
The Insurance Compact Office released a public report on Compact-approved individual Long-Term Care insurance Rate Schedule Certifications.
New appointments were made to the Insurance Compact's Management Committee, and new officers were elected for the coming year.
The chief insurance regulators from Rhode Island, Wisconsin, and Illinois were elected to serve as Commission Chair, Vice Chair, and Treasurer, respectively.
Four members of the Industry Advisory Committee were re-appointed for a two-year term ending in 2021.
If you have any questions about the recent Annual Meeting, or about the Insurance Compact in general, please contact the Insurance Compact Office.